Abbott Laboratories: 1 director

A director at Abbott Laboratories sold 5,550 shares at 134.551USD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...

AMD GPUs, Cyber HW refresh, Arista, Auto cycle and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 34 names we followed last week, follow the link below.

Vodafone Group: 1 director

A director at Vodafone Group maiden bought 138,055 shares at 83p and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...

ASML/Slower 2026, long-term intact/BUY

Despite a slower growth outlook for 2026 we remain positive on the ASML investment case. We believe that the long-term outlook for semiconductor capex remains strong. On top of that, we expect continued increases in litho intensity resulting in above-industry growth. The current valuation close to previous lows, the risk-reward is attractive in our view. We reiterate our BUY rating but slightly lower our target price from €825 to €800 per share.

BT Group: 4 directors

Four Directors at BT Group sold after exercising options/sold 644,809 shares at 209p. The significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the la...

AI capex & replatforming; semicap into 2026; Apple, Arm & more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 34 names we followed last week, follow the link below.

Benelux Morning Notes

Belgian telcos: Telenet small positive net adds, good financials, guidance up. Kinepolis: US Cinemark strong, 5% growth in US tickets, consumption per visitor. KPN: VodafoneZiggo 2Q25 very weak, guidance maintained. PostNL: 2Q25 beats underlying slightly; FY25 guidance reiterated, EU court appeal

Benelux Morning Notes

Alfen: Preview - muddling through? Belgian telcos: Competition Authority investigation on Proximus/Orange Belgium MoU. Brunel International: 2Q25 below, 3Q25 outlook cut, cost savings protect FY25 estimates. Euronext: Another record set of results. Fugro: Sharper V-shape? GBL: Weak NAV performance, as expected. KBC Ancora: Cooperative CERA increasing its stake to 51.24%, using excess cash. UCB: Renewed US threats to cut drug prices. Umicore: 1H25 and guide broadly in-line, new S...

Global EM Telcos & Towers Another monster month: NSR GEM Top-10 Augus...

Our top picks performed very strongly again in July, marked by a strong recovery from VEON, Millicom and IHS Towers alongside continued momentum at Singtel and Airtel Africa. Heading into earnings season, we continue to see the EM Telco cycle in an upswing. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. In our view, our picks remain undervalued, so we make no changes to the list.

Benelux Morning Notes

Allfunds Group PLC: Ready to Spring forward. Basic-Fit: 1H25 ahead of INGF, membership ingrowth, outlook reiterated, FCF a bit light. Lotus Bakeries: Preview 1H25. NN Group & ASR: Dutch Pension Reform not an issue at 29 October Dutch elections. Philips: 2Q25 results, much lower tariff impact. Proximus: New BICS CEO and Global CRO laid off. Vastned: Good results, EPRA EPS guidance up by 2.5%. Zabka: 2Q25 Preview

2026 AI Capex, HBM Pricing, Auto Semi Recovery, and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 22 names we followed last week, follow the link below.

Proximus meets headwinds/Daughter Proximus Global reduces FY25 outlook

Proximus has lowered its FY25 outlook because Proximus Global encountered unexpected headwinds. Although Proximus performed relatively well in Belgium, domestic competition is another source of uncertainty. Notably, Proximus is making slow progress to roll out fibre in Belgium together with competitors. The Proximus notes offer limited value, in our view.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/25/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/25/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 25/07/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 25/07/2025

Proximus (Neutral, TP: €12.5, +52%) Q2 25: Mixed results, guidance lif...

Proximus has reported a mixed set of results and has updated guidance accordingly: domestic guidance has been lifted, but Global guidance has been cut heavily, with the net effect being a small downgrade to Group EBITDA guidance.

BT Group : Gap between BT bubble and mediocre results no longer sustai...

BT Group : L’écart entre la bulle BT et ses résultats médiocres n’est ...

Coffee, Croissants & Credit/Proximus

Proximus FY25 outlook lowered on weak performance Proximus Global